Do THIS in Your 20’s To Become a MILLIONAIRE
Do THIS To Become A MILLIONAIRE!
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- Do THIS in Your 20’s To Become a MILLIONAIRE
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Mano Kamgang
Marriage
I put about $300 now I’m sitting at $10,700
How long, 30 years?
@@jtcr4199 and in 30 years, that 10k is basically worth 2,000 dollars in todays money.
What did you invest in?
@@jtcr4199 no 3 years
@@ABurningCandle vanguard
Alot of people dont even make it to 55
But also a lot of people do. What are you gonna do not save up cause you think you won’t make it to 55? Dumb way of thinking.
@@vvegas7328 bcs we know WE aint making to 55 lmao
@@vvegas7328 You are right. But remember that life is damn unpredictable. What you want does not always comes to you. Its just life. You can’t do much about it. You can plan for it. You can do your good deeds. You can save and invest and ONLY the in the end you will know the results.
a lot of people don’t make it to 30. so i guess that means u should just live a horrible life with no financial security? dumb logic.
2-6% of people don’t
choosing the incorrect spouse
This is the real answer
50/50 gamble
How to choose right
@@tishanchamoditha9033 one that supports you at your lowest, when it’s easier to leave, is one that truly loves you. But besides love you need compatibility, agreement and/or ability to compromise on subjects like finance religion family etc. 2 ingredients for a successful marriage
Oh yes, this is the biggest factor. I can’t imagine to need to be worried about my husband financial behaviours. We naturally have simillar approach and try to work smart to benefit our family. We are not rich but we don’t struggle and we can make some dreams happend, take care of our health and help family if needed. This is blessing❤
wrong wife
Another way is through an IUL
Its actually better than he’s stating. That 800 could be worth 70k in the future.
Accounting for inflation or no?
@@masondebot yeh accounting for inflation. $800 invested at 20 is $7800 at 65 at a 5% INTEREST RATE. 8% a year simply by the s&p is very easily achieved, and 3% inflation rate is also realistic
@B1gBossMan I’m not math magician, but your numbers are way off.
@@jtcr4199there’s no way to be perfect he’s not off bud
@@jtcr4199it’s over 7k he’s not way off he’s roughly correct you’re right about not being a math magician for sure 🙏
Worst decision is not working overtime, going out and spending most of it on a weekend, buying new everything, or being careless with the cheap things they already do have 😅
Buying new at used price, learn to negotiate
Its the opposite… working overtime will put you in the grave 15 years early
@@StevieRayGaming our culture is so sick, physically and spiritually. None of us are guaranteed tomorrow. It doesn’t mean we shouldn’t plan for the future, but work/life balance should be prioritized. It’s pitiful that young people are going to extremes only to accumulate wealth for when they’re old and have lost all vitality. 🤢
@@StevieRayGaming stress the silent killer
Buying a car too expensive for you and student loans are what is killing most younger people’s opportunity for retirement
True just down graded my car for this reason eliminating as much expense as possible getting rid of debt and investing more
Getting a car for status and shelling out money for something you can’t afford. Average car payment in the US is 730 dollars. Live within your means. Less debt, less liability, less stress.
Interest is the TRUE wealth killer…..live under your means and you will always be well off.
BOOOOORING
How Graham, how do I start that? Do you have a video of step by step
There hundreds of videos on how to set it up
And they explain how it works in detail
Just look it up
that 8000 aint gonna be much in the future with all these inflamed inflation gaddang
not how that works
I think either Roth IRA or 401k when you start young it doesn’t matter what you pick you just need to start, if you wait til mid to late 30’s you’re gonna regret it
May be niche but if you have a retirement account at work that allows Roth contributions I would stick to traditional in that account and just do a Roth on the outside in your IRA. Roth inside a retirement account normally has the same restrictions like waiting until 59 1/2 and also you don’t get to reduce your taxable income if you are a high earner. Traditional retirement accounts inside a 401k or 403b or 457b will have less strict guidelines for withdrawal
A question for the Americans, doesn’t your government give you a retirement salary after getting to the retirement age? Like where I live they remove a little procent of your salary for your retirement.
Mail man told me it’s best to own 1 reliable car throughout your life and keep maxing Roth IRA and 401k and you’ll have no worries when you retire. That’s the plan but sometimes I see cars I would love to drive but I’m not waiting till 65. I’ll retire at 59.5
500 a month for like 20-30 years will net you ~$1M+ if you invest in in a decent mutual fund
right but you’re paying capital gains tax on nearly all of it. if you can invest 6k a year like you’re saying you’re just better off in an IRA
What he doesn’t mention is that it has a $7K contribution limit per year, you’re not eligible for Roth if you contribute to a 401K unless you’re savvy enough to do a back door Roth. The obvious choice for most people is pre-tax deferral especially if the employer matches and unless you know someone who’s well versed on retirement planning (friend, family, professional) or you have time to research on your own then you’re not going to take advantage on the back door Roth. Otherwise people in their 20/30s are just following conventional wisdom.
I started my kids Roth IRAs in high school. They both worked and I gave each of them $2,500 to start. By the end of high school they each had $20,000 in their accounts. They still contribute monthly. It also helps if you teach them to live below their means.
I contributed the maximum $6k annually to my Roth IRA at the time, if I remember correctly, but there was no tax deduction when I filed, which made my tax bill higher. With a traditional 401k, I can defer that tax obligation to a later time—assuming I make it to old age.